Calculate how much interest you'll earn on a certificate of deposit. Compare different terms and rates to find the best CD for your savings.
Value at Maturity
$10,460.25
Total Interest Earned
$460.25
APY
4.60%
Avg Monthly Interest
$38.35
Shows how your deposit grows with compound interest over the CD term.
APR (Stated Rate)
4.50%
Simple annual rate
APY (Actual Yield)
4.60%
With daily compounding
With daily compounding, you earn an extra 0.102% per year compared to simple interest. More frequent compounding means a higher effective yield.
Banks charge penalties for withdrawing before maturity. Here are typical penalties based on CD term length.
3-month CD(your CD)
Typically 3 months of interest
-$115
You'd receive: $10,345
1-2 year CD
Typically 6 months of interest
-$230
You'd receive: $10,230
3-5 year CD
Typically 9-12 months of interest
-$460
You'd receive: $10,000
CDs offer a guaranteed return with no risk to your principal, making them ideal for short-to-medium term savings goals. The trade-off is liquidity — your money is locked up for the term. This calculator helps you compare different CD terms and compounding frequencies so you can maximize your interest earnings while matching the term to your timeline.
A CD is a savings product offered by banks where you deposit money for a fixed term (3 months to 5+ years) at a guaranteed interest rate. In exchange for locking up your money, you typically earn a higher rate than a regular savings account. CDs are FDIC insured up to $250,000.
APR (Annual Percentage Rate) is the stated interest rate without compounding. APY (Annual Percentage Yield) includes the effect of compounding and represents the actual return you'll earn. With daily compounding, a 4.5% APR becomes roughly a 4.60% APY.
Most CDs charge an early withdrawal penalty, typically 3-6 months of interest depending on the CD term. Some banks offer no-penalty CDs with slightly lower rates. Always check the penalty terms before opening a CD to make sure the term fits your timeline.
Compound Interest Calculator
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